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Possible Bearish Inside Day Candle Pattern Detected for Eaton Vance (NYSE:EV)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Eaton Vance (NYSE:EV) based on the price action in the company's shares. Yesterday's price range of $44.46 and $45.04 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Eaton Vance may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Eaton Vance Corp. creates, markets, and manages mutual funds. The Company also provides management and counseling services to individual and institutional clients. Eaton Vance currently provides investment advisory or administration services to individual and institutional accounts, as well as funds.

There is potential upside of 0.2% for shares of Eaton Vance based on a current price of $44.84 and an average consensus analyst price target of $44.93. The stock should find initial support at its 200-day moving average (MA) of $33.65 and further support at its 50-day MA of $33.02.

In the past 52 weeks, Eaton Vance share prices have been bracketed by a low of $26.44 and a high of $47.83 and closed yesterday at $44.84, 70% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.2%.

SmarTrend is monitoring the recent change of momentum in Eaton Vance. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Eaton Vance in search of a potential trend change.

Keywords: bearish am inside day candle Eaton Vance

Ticker(s): EV